Deposit Protection Service
Rents Increase Across UK
27 August 2019 2235 Views
The most reliable indicator of rental trends in the UK
As the largest provider of deposit protection in the UK, our database gives us a unique opportunity to delve into and analyse the UK’s private rented sector.
We calculate the average monthly rent for each region and the UK as a whole, as well as how much each property type costs to rent. The DPS Rent Index™ has the capacity to inform the rental housing market and shape both public policy and investor decision making.
The DPS Rent Index™ Q2 2019 findings – what we’ve seen
The second quarter of 2019 saw a sharp increase in average rental prices in the UK, coming in at £771. This represents an increase of £14 (1.79%) on last quarter, when average rents stood at £757. Scotland is the best performing region with an increase of 5.4% over last quarter.
Head of Client Management at The DPS, James Garvey, comments “It’s been widely anticipated that The Tenant Fees act introduced on 1 June 2019, banning letting fees and capping security deposits, would lead to increased rents. Though average rents have risen overall, it’s too early to tell if this is a result of the fees ban.”
All property types have seen an increase in rent across the UK, the largest can be seen in terraced properties, rising by £32 (4.59%), from £699 to £731. See how your region compares in full DPS Rent Index™ Q2 2019.
Who are we?
In 2007, we launched The Deposit Protection Service (The DPS), the first Custodial Tenancy Deposit Protection Scheme and we’ve been an integral part of the Private Rented Sector (PRS) ever since. We’ve helped protect over 6.6 million tenancy deposits and supported nearly 500,000 landlords and letting agents along the way. The PRS has grown dramatically over the last 10 years and now represents over 20% of the UK’s housing stock.
We believe our position as the largest provider of deposit protection in the UK gives us a unique insight into the regional and overall trends in the PRS, which is why we’re delighted to announce the latest issue of The DPS Rent Index™.
We wanted to create a rent index that stands up to scrutiny and the highest standards of data analysis, so we turned to experts in this field, with prior experience of creating complex statistical models that illuminate a market. Professors Joe Nellis and Catarina Figueira are leaders in their area and this provides the assurance we believe an index of this stature and importance requires. Indeed, Joe was co-developer of the Halifax and Nationwide House Price Indices. The DPS Rent Index™ is based on a unique database, the largest of its kind, which makes it the most reliable indicator of rental trends.
“The DPS Rent Index™ is driven by our unique access to rental data. As the biggest provider of deposit protection in the UK, we’re in the position to give the market exceptional insight into how the rents are changing over time.”
Daren King, Head of Tenancy Deposit Protection
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